How Is COVID-19 Pandemic Affecting Demand for Industrial Gases?
With the continuous population growth and its migration to cities, manufacturing output is growing around the world. Considering how diverse the things made in factories are, the raw materials used to create them are equally diverse. One of the key raw materials used across industries is several types of gases, such as oxygen, hydrogen, nitrogen, carbon dioxide, acetylene, argon, and helium, either as ingredients in the intermediate or final products or to support various manufacturing processes. Thus, with the growing manufacturing output, the industrial gases market revenue is set to reach $154,079.5 million by 2030 from $92,392.4 million in 2019, at a 5.5% CAGR during 2020–2030 (forecast period). Thus, seeing the widening scope for themselves, market players are entering into mergers and acquisitions to expand their portfolio, geographical reach, technical knowledge, and customer pool. For instance, in October 2018, Praxair Inc. and Linde AG merged to cumulatively increase their re...